Suppose we take the analogy of curved space time at face value. Let's say that a black hole pulls light into it because the area of space/time that the light occupies is moving faster toward the black hole than C. If space is contracting into the black hole, near the black hole, then it must be expanding somewhere else to balance the effect, mustn't it?

Suppose there are two gravitational bodies, each pulling space into itself. At the (gravitational) midpoint between the two, space would have to be expanding, in order for this not to lead to a contradiction. If you park your star ship at that midpoint, it stays put because space is expanding equally in both directions.

Midpoints between gravitational bodies, of course, follow a different geometry than gravitational bodies themselves, because they're more like lines than points (though they're probably not exactly lines either). It's possible that any area of space far from a particular gravity well would be in a constant state of expansion, to counter the contractions of the gravitational bodies around it.

This could potentially lead to the same result as the Hubble observations. It might appear that space expands in all directions because all the light that reaches us spends a great deal of time in the outer reaches where space is expanding to make up for the contractions near the gravity wells.

However: this does not necessarily mean that the universe as a whole ever expands at all. Maybe all the contractions add up to countering all the expansions, and space is left at the same size.