How to factor the polynomial $24x^2y - 16x^3y^2$?

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So for this question $24x^2y - 16x^3y^2$ I know the common factor between the two is 8 but Im not sure what to do next?

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Pratyush in the comment and Anikets answer shows one way to factor the polynomial, but there are many ways, another is

$$8x(3xy-2(xy)^2)$$

Multivariate polynomials just do not have any unique division algorithm. There is a whole branch of mathematics called algebraic geometry devoted to factoring polynomials and investigating equations and systems of equations of multivariate polynomials.