Find the value of y in the given figure.

The diagram shows two parallel lines intersected by two transversals, forming an isosceles triangle. The tick marks on the two slanted sides indicate they are equal, meaning the base angles of the triangle are equal.

The angle $2y$ is an alternate interior angle to the bottom-left angle of the triangle. Therefore, the bottom-left angle of the triangle is $2y$.
The angle $56^\circ$ is an alternate interior angle to the bottom-right angle of the triangle. Therefore, the bottom-right angle of the triangle is $56^\circ$.

Since the triangle is isosceles, its base angles are equal.

Divide both sides by 2:

The value of $y$ is $28^\circ$. This corresponds to the first option.