How will hikes help?

This is the heading of an article by Leong Wee Keat in Today paper. I think it will help a lot. First, some to the commuters will switch to mrt and buses. So there will be lesser demand for taxis. But this will not affect the taxi drivers' income as the hike will ensure that they get more per trip. As there will be less users, more will give up driving taxis. So road congestion will be lesser. And stock prices of MRT and Singapore Bus should go up accordingly. And more of these taxi drivers can return to the job market. Isn't that good?