NEW YORK (CBSNewYork) – Taxi cab fares are set to go up 15 to 20 percent, likely in late August, reported WCBS 880’s Rich Lamb.

WCBS 880’s Rich Lamb On The Story

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Mayor Michael Bloomberg admitted that nobody likes to see the cost of anything go up.

But he told reporters, “Yeah, I think it is a good idea.”

His honor’s rationale was that, “If we’ve kept taxi rates stable for the last six years, then we have to adjust for inflation, and if you think about it, people that work in the industry have to be able to make a living.”

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The mayor said that any increase should go to the drivers, not to the fleet owners.

“If you look at the cost, gas prices have gone up something like 45 percent. This comes right out of the taxi drivers’ pocket and has pushed driver earnings down 15 percent,” said Bloomberg. “We want more better drivers to want to drive taxis. That’s the only way you’re going to have somebody that you can hail.”

The mayor added that, even with the upcoming increase, riding in a New York City taxi will still be cheaper than riding in a taxi in San Francisco, Los Angeles, London, or Tokyo.

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Do you think it’s fair to raise fares? Sound off in the comments section below.