Evening Standard article points out that although London fares were going up they are lower than those in the rest of the UK. In my experience, not only is this true, but services are far more frequent. Since public transport has to be paid for by somebody, is it better that it is paid for by those that use the services, or by all tax payers including the majority that don't?
Whilst some will argue that high fares discourage use, I would suggest that most London transport services are pretty well used most of the time - certainly in the peak hours, they are full to capacity.
If higher fares encourage people to live closer to where they work, shop and school, is that a bad thing?