Error launching Toad for Mac: 'Toad cannot update its client files' (4379030)

When launching Toad for Mac Subscription, the following errors are shown:

'Toad cannot update its client files. Please make sure that you have full read and write access to "Y:\Library\Application Support\Quest Software\Toad for Oracle\Subscription\", including all files and subfolders'.

After clicking OK, the following message also shows:

'Toad cannot update its client files. Please make sure that you have full read and write access to "", including all files and subfolders.
Details: Cannot create directory "\".'

1. 
Please check what is present in the:
~/Library/Application Support/com.quest.tfosub/Bottles/toad/dosdevices folder

2.
There should be a symbolic link called "y:" pointing to /Users/$USER (i.e., the user's home directory). Sometimes that symlink isn’t created correctly.

3.
In case the y: symlink isn’t there, please try deleting Toad bottle folder:
~/Library/Application Support/com.quest.tfosub    

and then re-run Toad.

4.
If that still fails, you can try executing the following command in terminal (to create the y: symlink):

ln -s $HOME ~/Library/Application\ Support/com.quest.tfosub/Bottles/toad/dosdevices/y\: