As noted by AHappyMacUser, the key to using TM in Yosemite is to FIRST select your system HD (in Finder). Then entering TM will give you access to all your backups. One in TM, having selected a date, you will need to drill down from your HD entry to get to your files, but at least you can get to them.
It appears that Apple broke the Finder Sidebar links when they released Yosemite. So if you start with a sub folder selected in Finder (example: Documents), the TM looks like your history of the Documents folder doesn't exist. But if you select the system HD in Finder first, and THEN open TM, you will see an entire history of the HD, from which you can select a date and then drill down to (in my example) the Documents folder. (Note that if you do start with your HD in Finder, get to the date of interest and then try to use the sidebar link to, in this case, Documents, the link doesn't take you anywhere. Just drill down by successive selection of sub folders until you get to the folder of interest.)
So Apple has messed up the interface of TM in the Yosemite release, (specifically the side bar links of Finder), but they haven't lost your backups.