How can I have multiple colors for an axes label in ggplot?
As an example, instead of a legend, I would like the y-axis label to be red and green to correspond to th
I don't think you should abuse an axis title as a legend, but you can do this at the grid level:
library(ggplot2)
p <- ggplot(mpg[mpg$model=="a4",],aes(x=trans,y=cty))+
geom_point(color="red")+
geom_point(aes(y=hwy),color="dark green") +
ylab("MPG (city); MPG (hwy)")
g <- ggplotGrob(p)
g[[1]][[7]]$label <- c("MPG (city);", "MPG (hwy)")
g[[1]][[7]]$gp$col <- c("red", "dark green")
library(grid)
g[[1]][[7]]$y <- unit(c(0.45, 0.54), "npc")
#fiddle with the coordinates until the positioning fits for your specific strings
plot(g)

Of course it would be preferable to simply create a legend by using proper mapping of the color variable.
With ggplot2 v2.2.1 this needs to be adjusted since the gtree has changed. Now this works:
#g[[1]] shows which grob is the y axis title
#then use str to see the structure of the grop
#you can also use grid.edit instead but I find the following more easy
g[[1]][[13]]$children[[1]]$label <- c("MPG (city);", "MPG (hwy)")
g[[1]][[13]]$children[[1]]$gp$col <- c("red", "dark green")
g[[1]][[13]]$children[[1]]$hjust <- c(1, 0)
g[[1]][[13]]$children[[1]]$y <- unit(c(0.5, 0.5), "npc")
plot(g)