New York City has established a new minimum wage for ride-sharing drivers, which could increase the price of Uber and Lyft rides in the city, USA Today reports.

As of January 2019, ride-share drivers must earn $17.22 per hour after expenses, according to the new rules from the New York City Taxi and Limousine Commission. That would translate into a raise for 96 per cent of drivers, according to the commission.

The new wage law “will raise driver earnings by, on average, $10,000 a year, and require companies to be completely transparent on how they calculate pay and car leasing costs,” Commission Chair Meera Joshi said in a statement.

“Companies are saying paying drivers fairly will cause longer wait times and higher prices. But I believe all New Yorkers are willing to pay a little more and wait a little longer so the people transporting them are able to provide for themselves and their families.”

Lyft called the rule “a step backward,” and an Uber spokesperson said it “will lead to higher than necessary fare increases for riders while missing an opportunity to deal with congestion in Manhattan’s central business district.”

The commission also recently put a limit on the number of new licenses issued for ride-sharing vehicles.,