In terms of relative velocities, you have ##\vec v_{IG} = \vec v_{IM} + \vec v_{MG}## where
\begin{align*}
\vec v_{IG} &= \text{velocity of the image with respect to the ground} = v_I \,\hat i \\
\vec v_{IM} &= \text{velocity of the image with respect to the mirror} = \frac{dy}{dt} \hat i\\
\vec v_{MG} &= \text{velocity of the mirror with respect to the ground} = 3v_o\,\hat i
\end{align*} If you solve that equation for ##dy/dt##, you get what your instructor wrote down.
More intuitively, if the image moves to the right (holding the mirror position fixed), ##y## increases, so ##dy/dt## and ##v_I## have the same sign. If the mirror moves to the right (with the image position fixed), it will cause ##y## to decrease, so ##3v_o## comes in with a negative sign.