Would it have 2 possible values?
Possibility 1:
y ≤ 1
y ≤ 1, 0, -1, -2...
Possibility 2:
-y ≤ 1
To get value of y, I multiply both sides by -1, so sign will reverse, right?
y ≥ -1
So, the possible values of y would be -1, 0 and 1?
Is this correct?
In essence, you simply need that $$|y|=|-y|$$. Therefore $|y|\le1$ implies $y\le 1$ or $-y\le1 \to y\ge-1$.
So: $$y \ge -1 \text { and } y \le 1 \to -1\le y\le 1$$