http://en.wikipedia.org/wiki/Y_chromosome

Inefficient selection
Without the ability to recombine during meiosis, the Y chromosome is unable to 
expose individual alleles to natural selection. Deleterious alleles are allowed 
to "hitchhike" with beneficial neighbors, thus propagating maladapted alleles 
in to the next generation. Conversely, advantageous alleles may be selected 
against if they are surrounded by harmful alleles (background selection). Due 
to this inability to sort through its gene content, the Y chromosome is 
particularly prone to the accumulation of "junk" DNA. Massive accumulations of 
retrotransposable elements are scattered throughout the Y.[7] The random 
insertion of DNA segments often disrupts encoded gene sequences and renders 
them nonfunctional. However, the Y chromosome has no way of weeding out these 
"jumping genes". Without the ability to isolate alleles, selection cannot 
effectively act upon them.
A clear, quantitative indication of this inefficiency is the entropy rate of 
the Y chromosome. Whereas all other chromosomes in the human genome have 
entropy rates of 1.5–1.9 bits per nucleotide (compared to the theoretical 
maximum of exactly 2 for no redundancy), the Y chromosome's entropy rate is 
only 0.84.[14] This means the Y chromosome has a much lower information content 
relative to its overall length; it is more redundant.

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