 Solution

There are two ways for a set to fail to be the power set of $y$: it may contain an object which is not a subset of $y$, or omit a subset of $y$. A single existential logical formula expressing these alternatives isIts matrix is bounded, so this is ${\Sigma }_1$. Its negation is precisely the first-order power-set specification

We prove the absoluteness fact needed to exclude a logically equivalent ${\Sigma }_1$ logical formula. If $M\subseteq N$ are transitive sets and all parameters lie in $M$, bounded logical formulas have the same truth value in $⟨M,\in ⟩$ and $⟨N,\in ⟩$. Atomic equality and membership agree because both structures use actual membership. Boolean operations preserve agreement. In a bounded quantifier over $v\in M$, transitivity ensures that every element of $v$ already lies in $M$, so the two structures quantify over exactly the same elements of $v$. Induction on logical formulas proves the claim. It follows that ${\Sigma }_1$ logical formulas are upward absolute: witnesses in $M$ remain available in $N$, and their bounded matrix retains its truth value.

Now use a finite counterexample, so no existence of a transitive model of ZF is assumed. Let $M=4=\{0,1,2,3\}$, the Finite von Neumann ordinal, and let $N=V_4$. These are transitive sets with $M\subseteq N$. Set $y=2$ and $x=3$, both elements of $M$. Inside $M$, the subsets of $2$ which are available as elements of the domain are exactly $0,1,2$; the remaining domain element $3$ is not a subset of $2$. Thus $M$ satisfies the displayed power-set specification with $x=3$.

Inside $N$, however, the set $\{1\}$ is also present and is a subset of $2$, while $\{1\}\notin 3$. Thus the same specification is false in $N$. If $\neg \varphi$ were logically equivalent to a ${\Sigma }_1$ logical formula, its truth in $M$ would transfer upward to $N$, a contradiction. ThereforeThis proves the requested unrestricted logical non-equivalence. The finite structures are not being claimed to satisfy all of ZF; logical equivalence must hold in them as well as in any models of a stronger theory.