If you follow the link that you posted, there's a list of organizations that are against the bill.
That was my point. There are some heavy duty organizations opposing this bill, and many of them will suffer hugely if the bill is signed and implemented. They can either shell out the $5 to $15 million that it will take to qualify a referendum and fund a campaign to defeat the bill at the next statewide election (probably in March, 2004), or they can lose hundreds of millions (or billions) of dollars when the bill goes into effect. We'll soon find out how short-sighted or far-sighted they are.
Of course their other option is to contribute a couple of million dollars to Gray Davis' campaign so he'll veto it.