As the title says, my question is:
Is there, for every set $X$, a set $Y$ for which $|Y| < |X|$ but $|\mathcal{P}(Y)| \geq |X|$?
I'm fairly certain this is true for finite sets but maybe false in the infinite case, for example if $X = \Bbb N$. There is no finite set for which its power set is equal in cardinality or larger than $\Bbb N$?
But I do not know if this indeed is the only counterexample, any assistance is appreciated.
No, not for every infinite set. Consider $\beth$ numbers:
Consider now $\beth_\omega$, where $\omega$ is the least infinite ordinal, that is $\beth_\omega=\sup\{\beth_n\mid n\in\Bbb N\}$, where $\beth_1=2^{\aleph_0}$ and $\beth_2=2^{2^{\aleph_0}}$ and so on.
If $|Y|<\beth_\omega$ then there is some $n$ such that $|Y|\leq\beth_n$, but then $|\mathcal P(Y)|\leq\beth_{n+1}<\beth_\omega$.