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"Ye" was never actually pronounced "yee". There was a letter called thorn in old English that was pronounced like "th". I found this fact a couple years ago an

• acheron 6y ago
  “Ye” was still a word pronounced “ye”: it’s a second person plural subject pronoun, as in “O Come, All Ye Faithful”, or “Hear ye, hear ye.” (But not “God Rest You Merry, Gentlemen” which is often wrongly written with “ye”.) The case of Y replacing Þ in “Ye Olde...” is unrelated.