Answer
$\dfrac{y-1}{y+1}$
Work Step by Step
Simplify by multiplying the LCD (which is $y$) to both the numerator and the denominator to obtain:
$=\dfrac{y(2-\frac{2}{y})}{y(2+\frac{2}{y})}
\\=\dfrac{y(2)-y(\frac{2}{y})}{y(2)+y(\frac{2}{y})}
\\=\dfrac{2y-2}{2y+2}$
Factor out $2$ in both the numerator and the denominator then cancel the common factor/s to obtain:
$\require{cancel}
=\dfrac{2(y-1)}{2(y+1)}
\\=\dfrac{\cancel{2}(y-1)}{\cancel{2}(y+1)}
\\=\dfrac{y-1}{y+1}$
