In this particular case, because \(\displaystyle 4= 2^2\) you don't really need to use the full "change of base" formula.
If \(\displaystyle x= log_4(8y+ 1)\) then \(\displaystyle 8y+ 1= 4^x= (2^2)^x= (2^x)^2\) so that \(\displaystyle 2^x= \sqrt{8y+ 1}\) and so \(\displaystyle x= log_2(\sqrt{8y+ 1})\). So your equation becomes \(\displaystyle log_2(\sqrt{8y+1})= log_2(3y)\) and then \(\displaystyle \sqrt{8y+ 1}= 3y\). That is, of course, just what you get from stapel's suggestion.