The New York City Taxi and Limousine Commission voted Tuesday in favor of raising taxi fares for the first time in a decade.
Cab drivers have been fighting for rate hikes for years, arguing that the increases would help people survive.
The new prices are expected to go into effect by the end of next month, according to FOX 5 New York.
"Great to have an in-person vote on an overdue raise for both taxi and for-hire vehicle drivers!" TLC Commissioner David Do said in a tweet.
In a commission meeting, officials approved an average passenger fare increase of 22.9%, with a driver gross revenue increase of 33.3%.
Proponents said that the raises would be comparable to fares in other U.S. cities.
The base fare has changed from $2.50 to $3 and the 50-cent overnight surcharge is going up to $1.
The rush hour surcharge is increasing to $2.50.
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Trips to popular New York City airports will also come with a heftier price.
The flat rate to John F. Kennedy International Airport is jumping to $70, while trips to LaGuardia Airport will have a new surcharge of $5.
The changes impact Uber and Lyft drivers as well, with pay rates increasing by 7% per minute and 24% per mile.
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Driver expenses have increased significantly over the past decade, and while passenger demand appears to be high, the financial compensation was not there.
"So, we're hoping that the increased financial incentives will allow supply to meet demand better than it currently is," Assistant Commissioner for Policy James DiGiovanni said in a presentation ahead of the vote.
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