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This website has quite a background on the usage of the word gay. Gay | Psychology Wiki | FandomFor anyone who is interested GAY is a backronym standing for Good As You.
Its meant to transform the historic slur of of gay into an expression of gay pride.
Folk etymologies
It has been claimed that "gay" was derived as an acronym for "Good As You", but this is a backronym (based on a false etymology).
Another folk etymology accrues to Gay Street, a small street in the West Village of New York City — a nexus of homosexual culture. The term also seems, from documentary evidence, to have existed in New York as a code word in the 1940s, where the question, "Are you gay?" would denote more than it might have seemed to outsiders.