There's an anchor right below his feet but it's hard to make out in this copy of the photo because of the lack of pixels.

He's barely above the last bolt in the picture. There's a quickdraw sticking out by his lower heel.

Also the forces involved in a climbing fall are partly mitigated by the stretch of the rope, and the belayer will soften the catch by jumping as the climber falls. The length of a fall has little impact on the forces experienced by the climber or the gear in a typical climbing fall.

Either way I still think he's crazy, I couldn't get 10 feet off the ground without having a panic attack.

I'm not sure what else you'd use a rope for here.

My guess is it's a tow line for something. Notice how the rope is taught (would not be the case if it were an anchor, he'd have to ditch the anchor and use a new one if that were the case)

Though again it would be weird to have whatever you're "towing" that far below you, considering the longer the rope, the stronger the pendulum when wind starts to blow your gear around..