After working with an Apple senior supervisor for several weeks on the wifi/Yosemite issue (he consulted with several wifi and bluetooth specialists), we finally came to the following solution, which has solved this issue for me and for the rest of my family who were also experiencing the wifi problem:
1. Turn off bluetooth.
2. Disconnect all peripherals from your computer.
3. Open System Preferences. In the "Energy Saver" preference, de-select "Wake for network access" (no check, and leave it that way).
4. Open the finder. Select the "Go" menu. Select "computer." Select "Macintosh HD." Go the the "Library" folder. Go to the "Preferences" folder. Find the preference file "com.apple.bluetooth.plist."
5. Rename "com.apple.bluetooth.plist" as "com.apple.bluetooth.plist.old" (i.e. add ".old"). Eventually, if this solution works for you, you can delete this "old" preference file.
6. Restart your computer (this will create a new "com.apple.bluetooth.plist" preference file).
7. Turn bluetooth back on.
Apparently, the problem is a bug caused by a bad interaction between the bluetooth preference file and wifi.
Good luck.